Hurricane Sandy did not spare the popular summer retreat of Fire Island, and now a scramble is on to prepare storm-affected areas for the summer rental season, the Wall Street Journal reported. Plus, it remains uncertain how the local real estate market will fare, as Sandy’s effects have the potential to lower prices and trip up sales.
Abigail Medvin of Fire Island Real Estate told the Journal that the storm has attracted some prospective buyers to Fire Island in search of deals, but she doesn’t know how the overall market will be impacted.
“I think we’ll see a small decline for [a] short amount of time but price movements don’t tend to be that violent,” she said.
Suzy Goldhirsch of the Fire Island Association echoed Medvin’s doubt.
“I think it’s always going to be a place that people want to live and spend time, and how the market is going to find itself and balance out with all these factors, time will tell.”
Still, recovery on Fire Island is moving at a good pace, Douglas Elliman’s CJ Mingolelli, who represents some storm-damaged properties, told the Journal.
And not all areas sustained damage. Medvin has a $2.9 million listing for a four-bedroom home located in the middle of Fire Island, which was protected from flooding. [WSJ] –Zachary Kussin